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Missouri Joins Interstate Insurance Compact

Missouri has become the 36th state to join the Interstate Insurance Product Regulation Compact. The compact, which welcomed its first members in 2006, establishes uniform...
July 15, 2009

Missouri has become the 36th state to join the Interstate Insurance Product Regulation Compact. The compact, which welcomed its first members in 2006, establishes uniform standards for life insurance, annuities and long-term care coverage, and provides a central point for digital filing capability. A bill providing for Missouri joining the compact was signed into law by Gov. Jay Nixon July 13.

"Missouri consumers will have access to products that must meet detailed uniform standards with strong consumer protections, and our companies will have access to a fast, cost-effective product filing process," John M. Huff, director of the Missouri insurance department, said in a statement.

Other recent additions were the states of New Mexico in April and Mississippi in March. In March, National Association of Insurance Commissioners (NAIC) President Roger Sevigny, who is also the New Hampshire insurance commissioner, predicted several more states would likely join the Interstate Compact this year.